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20130109
20130109
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default and preempt the debt ceiling crisis. >> stephen: we should have known that a coin was obama's solution to everything. it was right in his slogan. change. it's legal in that it is not technically illegal. [ laughter ] let me explain with someone else's mouth. >> technically it does appear to be legal. here is how. >> the u.s. government can print new money but there's a limit to how much paper money can be until circulation at any one time. there are rules that limit the denominations that gold, silver and copper coins can be but there's no limit on platinum coins. the president can issue a platinum coin in any denomination. the treasury can mint it and print on it $1 trillion. it president can order it to be deposited at the federal reserve. >> stephen: then ben bernanke goes to the fed break room vending machine, inserts the count and picks either cheese nips or save the world economy. [cheers and applause] folks -- frankly, i do not think this will ever hasm first of all, when -- ever happen. first of all, what do you put on a trillion dollar coin snon the tail side a bald
the debt ceiling issue? farfetched? but maybe the platinum proposal should not be taking people by surprise. >> so the republicans are clearly in a strong position, but the president might have a trick up his sleeve. >> is there a magic bullet to solve the crisis? try a magic coin. some economists, legal scholars and now even a congressman are suggesting a 1 trillion-dollar platinum coin could be minted and the government could use that to pay the debt, avoid default and preempt the debt ceiling crisis. >> we should have known a coin was obama's solution to everything. it was right there in his slogan. change. [ laughter ] >> bret: so clever. thanks for inviting us into your hom
crisis, the debt ceiling. a white house petition to mint trillion dollar platinum coins has gotten nearly 7,000 signatures in one week. now it's estimated here a coin really worth a trillion dollars would be the size of a solid platinum 747. by weight of course. on the other hand if you want to go broke in the new year one new york restaurant has a four course meal priced at $2,013. it comes with two pounds of lobster, truffle, wine and a limited edition versaci plate. heading down under, the name under the golden arches will not be mcdonald's. in honor of australia day it will be changed to macca's. a bull on the loose gives a traffic cop the scare of a lifetime but the potentially painful reason why rex is hoping mark sanchez ups his game next season. you're watching "early today." >>> welcome back. here's a look at some other stories making news early today in america. florida police officers looked more like rodeo clowns as they tried to haul in three bulls on interstate 75. the loose livestock trampled one officer after a traffic accident freed them from their trailer. authorities ca
for the president to pull the country away from the debt ceiling without giving into republicans. all he needs is treasury secretary tim geithner and a trillion dollar coin. the plan revolves around a loophole in which the coinage act which allows the treasury secretary to issue a platinum coin at any denomination he want so geithner could order a $1 trillion coin mint and use the coin to buy back debt from the fed, pulling us away from the debt ceiling and avoiding another showdown with republicans. this isn't some pie in the sky plan devised by economic wonks or sci-fi fans, it actually has supporters in congress. specifically new york democratic congressman jerry nadler who has proposed bringing the idea to the floor to use as a bargaining chip saying it sounds silly but it is legal and it would normally not be proper to consider such a thing except when you're faced with blackmail to destroy the country's economy, you have to consider things. well put. joining me now is our own platinum panel starring professor at brown university and current contributor trisha rose, forbes contributor ric
online that could solve the nation's fiscal cliff, the debt ceiling. the white house's decision to mint a $1 trillion coin has more than 6,000 signatures in the week since it launched. according to an expert, a coin worth 1 trillion bucks would be the size of a solid platinum 747 airplane. that's pretty heavy. >>> on the other hand, if you want to go broke, one new york restaurant is offering a restaurant is offering a four-course meal at $2,013 it comes with two pounds of lobster, truffles, wine and a plate designed by johnny versace. >>> if you're headed down under next month, the name underneath the golden arches won't be mcdonald's. in honor of australia day, mcdonald's signs are changing to maccas, an aussie name for the chain. >>> a bull on the loose gives a traffic cop the scare of a lifetime. >>> and the painful reason why rex ryan is hoping mark sanchez is upping his game next season. ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. . >>> here's your "first look
to hear us talking about around here is the debt ceiling, which, make no mistake, has the capacity to crash the u.s. economy. so wouldn't it be just like the current thinking in washington and the cast of characters there if they could mint a coin they could spend that could solve the problem. believe it or not, some serious people are asking, why not? our report tonight from nbc's kevin tibbles. >> one fight down is another taken up. >> reporter: deadlock in washington? again? >> take all the fights we had, and put them all in one fight. >> some are even threatening another government shutdown. >> reporter: how to solve it. ♪ what if we simply minted a platinum trillion-dollar coin? not entirely new, the trillion-dollar bill was introduced on "the simpsons." >> ooh, a trillion-dollar bill, that's a spicy meatball. >> reporter: still it is an idea getting a lot of currency online. petition with more than 6,000 signatures and nobel prize winning economist paul krugman says the president should be ready to mint that coin. in theory the treasury would mint the trillion-dollar coin a
of minting trillion-dollar coins as a way of dealing with the debt ceiling? >> i would refer you to treasury for the specifics of this question. i can tell you that the president does not believe that there is a backup plan or a plan b or an off ramp. the only viable option here is congress to fulfill its -- is that congress fulfills its responsibility and ensures that the united states of america pay its bills, as it has always paid its bills throughout its history. >> but why will you rule out the 14th amendment and not rule out the trillion-dollar coin idea? >> again, i can tell you that there are no backup plans, there are no plan bs. i refer you to the treasury for -- >> but, jay, thats the thing -- you are leaving this -- it may be the tiniest of openings, but why would you do that -- >> i'm just saying i dont have analysis here of every idea thats thrown out. i can tell you that the president -- >> is somebody back there trying to figure this out? >> again -- not that i know of. but since treasury, i believe, oversees printing and minting, you might ask treasury. the president's belie
, matt, are floating an idea to try to avoid that debt ceiling crisis, proposing that the treasury department mint a platinum trillion dollar coin. you would put that coin away in the federal reserve and then if necessary, you would spend it to help pay off the money that the u.s. owes. if that did happen, an idea some would call ridridiculous, you wd hate to be the person to put that coin in the million dollar meter. >> not a good thing, peter. thank you. >>> new jersey governor chris christie made some headlines recently when he called out gop republicans for postponing a disaster aid vote for sandy victims. "time" magazine last night bumped someone off the cover of their magazine, they put this face on the cover of this week's issue with the headline, "the boss." with all due respect to the guy we both like, bruce springsteen, that's not what they're referring to. they're referring to the fact that this is your time to take the reins of the republican party. are you going to do it? >> i'm going to be the govng to of new jersey. that's my job. the only reason you get this attenti
obama can get around the debt ceiling by minting a trillion dollar coin and depositing it into the treasury. it does seem wacky by many people, but some are taking it seriously, including republicans who have introduced legislation to prevent this from happening. but i would like to bring perspective to the 1 trillion-dollar debate. there was a similar idea tried a few years ago on the simpsons. it didn't go well. take a look. >> the one-time printing of the largest denomination currency ever, 1 trillion-dollar bill. >> may i see? >> see with your eyes, not with your hand. >> please, we're amigos here. >> mr. burns i think we can trust the president of cuba. >> now give it back. >> give what back. >> oh. >> jennifer: if we do mint the 1 trillion-dollar county let's make sure that our cartoon billionaires do not lose it. we'll be right alright, in 15 minutes we're going to do the young turks. i think the number one thing that viewers like about the young turks is that we're honest. they know that i'm not bs'ing them with some hidden agenda, actually supporting one party
Search Results 0 to 8 of about 9